NIBSS and Transactility Team Up for National Payment Stack

Transactility, Inc. has announced that the Nigeria Inter-Bank Settlement System (NIBSS), which is Nigeria’s main payment infrastructure operator, used Transactility’s open-source technology to launch the National Payment Stack (NPS).

NPS is a new ISO-20022 instant payments platform that NIBSS created for Nigeria’s payment system.

Premier Oiwoh, the managing director and CEO of NIBSS, shared his thoughts on the launch of NPS. He said the system was made to fit the needs of Nigeria’s payment market.

“The NPS was designed and built for the scale and demands of the Nigerian payments market. The jPOS ecosystem gives us the flexibility to continue developing the platform as the ecosystem evolves,” he said.

Alejandro Revilla, the founder and CTO of Transactility, said that this development is a key achievement for Transactility and the larger payments community.

“We are proud that NIBSS selected technologies from the jPOS ecosystem for the National Payment Stack. NPS shows how open technology and local engineering can be used to build national payment infrastructure at scale,” Mr. Revilla said.

NIBSS built NPS using a modular design that mixes its own capabilities with chosen open and enterprise technologies.

NIBSS chose Transactility’s open-source stack, including the high-speed jPTS switch. This switch is built on jPOS, which is widely recognized for ISO-8583 payment processing and is used in billions of transactions every day.

NIBSS has been using jPOS in its payment system for many years, especially for processing ISO 8583 transactions.

For the National Payment Stack, NIBSS took advantage of jPTS and its new ISO-20022 support to create a switch made for Africa’s biggest economy.

With full access to the source code and the ability to customize the Transactility stack, NIBSS stays in control of the NPS design, product plans, and operational development. They also keep the rights to any intellectual property they create for the platform.

Using open-source technologies allows NIBSS to expand the platform and meet market and regulatory needs without waiting for a vendor’s updates.

NPS supports quick account-to-account transfers, QR payments for merchants, address systems like phone numbers, and bulk payments. It is built to provide the speed and reliability needed for national payment infrastructure, while also laying the groundwork for new services as the market grows.

The use of jPTS shows NIBSS’ strategy for NPS, blending proven technologies with NIBSS’ own payment expertise and engineering.

NIBSS Plc was established in 1993 and is owned by the Central Bank of Nigeria (CBN) and all licensed Deposit Money Banks (DMBs) in Nigeria.

NIBSS provides essential payment infrastructure that allows for instant clearing and settling of interbank transfers.

Transactility manages jPOS, an open-source framework for processing payment transactions. Their products include jPTS, jCard, and ISO/Bridge. Based in Boca Raton, Florida, they serve clients in over 120 countries.